Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.025%

Price spread now: Bybit against Lighter−0.151%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$500.495% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.103%−$10 on $10k

Price spread, last 4 days (all we have)+0.051%+$5 · spread now −0.151%, 7d avg −0.056%

Together, before fees−0.052%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.094% cheaper against Lighter than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter WIF	0.2458	0.0096	pay 0.0012% / 1h	39m 00s	$142K	$701K	10x
Short	Bybit WIFUSDT	0.2454	0.0100	get 0.0050% / 4h	1h 39m	$16.6M	$47.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee LighterbpFee BybitbpOrdersPrice spread, now −0.151%Rate

Funding earned: $0.84
Price spread: −0.151% → −0.056%: −$9.42
Slippage, 4 orders: −$38.51
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$58.09
Costs to cover: 0.495%
Break-even: 491.1 days

Slippage from Lighter: live order book, 62 min ago; Bybit: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Lighter live order book, 62 min ago	3.97 bp	6.8 bp −$7	54.9 bp −$549	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	4.06 bp	12.3 bp −$12	32.0 bp −$320	196.1 bp −$19.6K	doesn't fit

WIF on 32 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective WIF/USDC PERP	−0.0467%	1h	0.2462	+0.175%	$10K	$11K	12x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2455	−0.110%	$969K	$924K	75x	as long as short
Backpack WIF_USDC_PERP	−0.0026%	1h	0.2453	−0.199%	$73K	$293K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2451	−0.290%	$13K	$587	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2453	−0.175%	—	—	150x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0051% / S +0.0252%	1h	0.2455	−0.104%	$21K	—	100x	as long as short
Lighter WIFlong	+0.0096%	1h	0.2458	long leg	$142K	$701K	10x
Popdex WIFUSDT	+0.0096%	1h	0.2455	−0.110%	$53K	$570K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2457	−0.020%	$8.5M	$6.4M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2454	−0.139%	$31K	$351K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica WIF	+0.0100%	1h	0.2451	−0.263%	$77K	$70K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2455	−0.110%	$18.6M	$143.3M	75x	as long as short
Bybit WIFUSDTshort	+0.0100%	4h	0.2454	−0.151%	$16.6M	$47.3M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2453	−0.191%	$5.5M	$41.3M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2453	−0.191%	$1.1M	$9.1M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2454	−0.151%	$22.2M	$12.2M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2453	−0.191%	$4.1M	$16.4M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2453	−0.191%	$7.4M	$15.7M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2455	−0.110%	—	$27.2M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2460	+0.096%	$73K	$193K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2457	−0.021%	$273K	$2.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2464	+0.256%	$45K	$630K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2454	−0.151%	$5K	$1.1M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2449	−0.354%	$2K	$3.1M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2456	−0.069%	$564	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2453	−0.191%	$149K	$897K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2454	−0.155%	$10K	$150K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2455	−0.128%	$82K	$85	3x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0157%	1h	0.2456	−0.069%	$33K	$274K	25x	as long as short
Kraken Futures PF_WIFUSD	+0.0347%	1h	0.2458	+0.007%	$638K	$2.7M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0384%	1h	0.2457	−0.028%	$324K	$3.2M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2453	−0.207%	$0	—	15x	as long as short